Peter Winter: Chris, I heard the comments on the capital markets in the second half of the year. I was just wondering if you could give some more color about the moving parts to the fee income in €˜23 for being down 1% to 3%.
Chris Gorman: Sure. So, there’s a few areas where we will get pickup and then there’s a few areas where we’ve got some headwinds. The areas where we’ll get pickup is in our investment banking area. We’ll get some pickup in cards and payments. We’ll get some pickup in trust. Don, do you want to cover the other puts and takes?
Don Kimble: Sure. The largest decline for us will be in the deposit service charges category. We mentioned that this quarter was the first full quarter of the implementation of NSF OD fee. There’s about another $70 million impact in €˜23 compared to €˜22 for that. And our outlook right now also would suggest that we think that our corporate services income will be down year-over-year just because we’ve had such a strong program this year as far as derivatives, interest rate swaps and what have you for customers. And we think that with less rate volatility, we’ll see less opportunity there for that category. That’s the blended impact as to how we get to that down 1% to 3%.
Peter Winter: Got it. And then, the loan-to-deposit ratio is now at 85%. Is there a certain level that you don’t want to go above? And secondly, I’m assuming that you’re going to continue to let securities cash flows and use those to kind of help support loan growth?
Don Kimble: We — typically, we target between 90% and 95%. It’s been a long time since we’ve been up at that level, but that’s where we think our balance sheet is still very efficient and access to the capital markets for that national funding source is available and supports that. The second part of the question was — I apologize, Peter, remind me.
Peter Winter: Sure. Just using securities cash flows…
Don Kimble: I apologize. What we’ve talked about a lot is that we’ve got that $9 billion of short-term treasuries that start to mature later in €˜23 and throughout. That can be a very good source of liquidity for us. And we’re really indifferent whether that replaces funding or whether we roll that over into new securities. But if you look at the rest of the portfolio, it’s about $40 billion, and we think that’s a good core size. We can let run off there, fund some of the liquidity needs on a short-term basis, but longer term, we think that that’s probably a good relative size for the portfolio given our overall liquidity management position.
Chris Gorman: Peter, the other thing that I would add to that, as you think about the puts and takes on the balance sheet is that in the fourth quarter, for example, we put 24% of the capital that we raised, which was $33 billion on our balance sheet. Historically, that number has been 18%. So, with the dislocation in all the capital markets, we’re able to structure things in a manner that we want and put them on our balance sheet. As these capital markets work their way out that won’t — it will basically start deviating back to kind of 18-type percent as opposed to 24%. So that’s just a little bit of a different wrinkle that I think is pretty — as I said, short term over the next half a year or so.
